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2023-07-31-accounts

REGISTERED CHARITY NUMBER: 800079

The Wakefield Trust

Report of the Trustees and

Financial Statements for the Year Ended 31 July 2023

The Wakefield Trust

Contents of the Financial Statements for the Year Ended 31 July 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13

The Wakefield Trust

Report of the Trustees for the Year Ended 31 July 2023

The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The trustees have had due regard to guidance published by the Charities Commission on public benefit.

OBJECTIVES AND ACTIVITIES

The charity has a broad aim to support such legal charitable objectives as the trustees think fit. Currently the trustees see fit to provide support to charities working in the following areas:-

The charity's support is almost exclusively provided by financial assistance to other charities and organisations working in these areas.

The charity does not have any restriction to the area of operation, however it does maintain a special relationship with Christchurch, New Zealand, through the Wakefield family history and Devon where Priscilla Mitchell who founded the charity lived during the latter part of her life.

ACHIEVEMENT AND PERFORMANCE

During the financial year the charity has awarded funding to the following organisations for the advancement of various charitable purposes: British Museum, Children & Families in Grief, Cognivity, Dartington Community Choir, DEC (Ukraine Disaster Relief), Lifeworks, Our Only World, Shaldon Music Festival, Shallowford Trust, Students & Refugees Together (START), Support Through Court, The Amber Foundation, YMCA Exeter and Young Carers Development Trust.

SPECIFIC INVESTMENT POWERS

The Trust Deed provides that the trustees may invest at their absolute discretion, as they think fit. The trustees continue to monitor the management of their investment portfolio, and in partnership with their stockbrokers they manage the portfolio, as a risk category 6 which is regarded as moderate investment risk and is described as: The trustees are prepared to have the significant majority of the charity's investments in equities in order to achieve higher returns at the expense of greater risk to the capital. The portfolio will typically have a substantially higher weighting towards equities than fixed income investments and is likely to have moderate market volatility.

The portfolio is managed with an aim to balance these three objectives:

  1. The need to reduce investment risk through diversification

  2. The need to take 'proper advice'

  3. Maximise the returns for the benefit of the charity.

The investment portfolio is under discretionary management by the trust's stockbroker allowing the execution of appropriate transactions in a timely fashion without prior reference to the trustees.

FINANCIAL REVIEW

The trustees continue to review the Charity's financial arrangements guarding against fraud and financial crime.

FUTURE PLANS

The trustees continue to review their grant making policy, balancing the numerous applications for funding received with the long-term financial health of the trust and the provision for the continued administration of the trust.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The trust was constituted by a Deed dated 19 July 1988.

Page 1

The Wakefield Trust

for the Year Ended 31 July 2023

Report of the Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

There were no changes of trustees during the financial year.

Management

The trustees are responsible for the overall management of the trust and meet twice a year to review and maintain the direction and consider grant applications. The day to day running of the trust is delegated to the secretary who reports to the board of trustees. All trustees give their time freely and no remunerations were paid during the year.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

800079

Principal address

c/o Dr J Severn The Coach House Station Road South Brent Devon TQ10 9BB

Trustees

Mr C D Torlesse Mr J H B Wakefield Mr E M Mitchell Dr T Mitchell Mr J Torlesse Mrs J Mitchell Ms H Torlesse

Independent Examiner

R J Lewis ACA W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU

Solicitors

Windeatts 19 High Street Totnes TQ9 5NW

Secretary

Dr John Severn

RELATIONSHIP WITH CONNECTED CHARITIES

The trust has continued to cooperate with other local trusts. Two trustees and the secretary being common to the D W Mitchell Charitable Trust; one trustee and the secretary being common to the Wakefield Almshouses Charity and one trustee and the secretary being common to the Birdwood House Trust.

Page 2

The Wakefield Trust

Report of the Trustees for the Year Ended 31 July 2023

Approved by order of the board of trustees on 16 March 2024 and signed on its behalf by:

Mr C D Torlesse - Trustee

Page 3

Independent Examiner's Report to the Trustees of The Wakefield Trust

Independent examiner's report to the trustees of The Wakefield Trust

I report to the charity trustees on my examination of the accounts of The Wakefield Trust (the Trust) for the year ended 31 July 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R J Lewis ACA

W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU

3 April 2024

Page 4

The Wakefield Trust

Statement of Financial Activities for the Year Ended 31 July 2023

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
The Wakefield Studios
Grant making
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted
funds
£
51,756
14,740
7,527
107,556
129,823
38,421
(39,646)
2,463,455
2,423,809		 2022
Total
funds
£
53,001
15,379
7,265
45,294
67,938
(108,471)
(123,408)
2,586,863
2,463,455

The notes form part of these financial statements

Page 5

The Wakefield Trust

Balance Sheet

31 July 2023

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
9
Unrestricted funds
TOTAL FUNDS		 2023
Unrestricted
funds
£
2,373,726
52,967
(2,884)
50,083
2,423,809
2,423,809
2,423,809
2,423,809		 2022
Total
funds
£
2,277,235
188,993
(2,773)
186,220
2,463,455
2,463,455
2,463,455
2,463,455

The financial statements were approved by the Board of Trustees and authorised for issue on 16 March 2024 and were signed on its behalf by:

Mr C D Torlesse - Trustee

The notes form part of these financial statements

Page 6

The Wakefield Trust

Notes to the Financial Statements for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investments

Investments are included on the balance sheet at market value at the balance sheet date. Both realised gains/losses on the sale of investments and unrealised gains/losses on the revaluation of investments are included on the SOFA.

2. INVESTMENT INCOME

Investment income
Deposit account interest		 2023
£
51,676
80
51,756		 2022
£
52,950
51
53,001

continued...

Page 7

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

3. RAISING FUNDS

Investment management costs

Investment brokers' fees
GRANTS PAYABLE
Grant making
The total grants paid to institutions during the year was as follows:
St Mary's Church, Stoke by Nayland
Children & Families in Grief
British Museum
Lifeworks
Shelter Box
Christ Church Oxford
The Amber Foundation
Shaldon Music Festival
Start
Dartmouth Caring
The Shallowford Trust
Rowcroft Hospice
YMCA Exeter
Cognivity
Support Through Court
Our Only World
Disaster Emergency Committee (Ukranian Refugees)
Young Carers
Dartington Community Choir
YMCA (South Devon)
Dart Valley Bushcraft
Southwest Chaplaincy
Barn Owl Trust
St Mary's Totnes
Seachange Devon
Ivybridge CTA
Langaford Farm
DW Mitchell Trust
Dartington Hall Trust
Fairshare SW		 2023
£
14,740
2023
£
107,556
2023
£
10,000
-
-
-
2,000
1,000
-
1,000
-
2,000
-
2,500
-
-
2,000
-
-
-
-
2,000
2,000
2,000
1,460
10,000
2,000
1,596
2,000
60,000
2,000
2,000
107,556		 2022
£
15,379
2022
£
45,294
2022
£
-
2,100
3,000
1,500
-
-
2,000
1,000
1,000
-
5,000
-
1,940
1,754
2,000
1,000
20,000
1,000
2,000
-
-
-
-
-
-
-
-
-
-
-
45,294

4. GRANTS PAYABLE

continued...

Page 8

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

Travel and subsistence expenses were paid to two trustees.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
The Wakefield Studios
Grant making
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
53,001
15,379
7,265
45,294
67,938
(108,471)
(123,408)
2,586,863
2,463,455

continued...

Page 9

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

7. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 August 2022
Additions
Disposals
Revaluations
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Listed
investments
£
2,277,235
374,055
(312,752)
35,188
2,373,726
2,373,726
2,277,235
Cost or valuation at 31 July 2023 is represented by:
Valuation in 2023		 Listed
investments
£
2,373,726
The following investments were held:
2023 2022
£ £
22,370
1.25% Treasury Stock
41,318		 46,739
10,910
2.5% Treasury Stock
-		 41,185
74,849
3.5% Treasury Stock
72,866		 -
41,464
40,499		 -
3,200
Aberforth Smlr Cos Ord 1p
-		 40,640
110
Adobe Inc
46,708		 -
160
Apple Inc
24,437		 21,376
380
Applied Materials
44,784		 33,096
1,150
Ashtead Group Ord 10p
66,263		 70,242
680
Baillie Gifford Japanese
10,384		 10,581
440
Baillie Gifford Overseas
15,748		 17,134
220
Berkshire Hathaway
60,198		 54,357
2,045
Biotech Growth Trust
16,319		 17,383
3,400
Blackrock Throgmorton Trust PLC
19,686		 21,591
1,050
CRH Ord Euro .32
-		 32,981
940
Compass Group
19,054		 17,996
480
Croda Intl Ord 10p
-		 35,914

continued...

Page 10

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

7. FIXED ASSET INVESTMENTS - continued

1,500
Deutsche Telecom		 25,519 3,3283
1,250
Diageo Ord		 42,469 48,525
870
DB X-Trackers		 49,007 44,914
130
Estee Lauder		 18,192 29,185
14,000
European Assets Trust PLC		 12,740 13,188
1,520
Experian PLC		 45,737 43,518
22,010
Fidelity European Values		 78,906 65,480
17,800
Fidelity UCITS		 126,380 122,286
4,800
First State Inv Asia Pacific B Nav		 87,999 87,230
17,000
Greencoat UK Wind		 24,888 26,180
2,750
Informa PLC Ord 0.001p		 20,851 16,341
10,150
I Shares II PLC		 49,532 54,100
2,240
I Shares		 79,537 75,071
62,829
Institutional Cash Series PLC		 62,829 -
32,150
John Laing Environmental Asset		 33,886 39,995
14,500
JP Morgan American IT		 114,405 109,,330
15,230
JP Morgan Asian IT		 54,980 55,590
610
JP Morgan Ireland		 47,699 -
280
Kone OYJ		 11,192 10,459
12,225
Lloyds Banking Group Ord 10p		 5,493 5,531
10,000
Legal & General		 23,340 26,100
90,000
Legal & General UT		 44,181 48,654
6,400
Legal & General Ucits		 69,733 -
58,850
Maitland Inst SVC		 55,795 59,000
5,600
Mercantile Investment Ord 25p		 11,312 11,480
60
Microsoft		 15,669 13,844
785
Muzinich Funds		 - 75,227
1,830
National Grid Transco Ord 11 17/43p		 - 20,706
4,500
Personal Assets		 21,172 22,118
1,060
Polar Capital Fund		 69,186 59,943
2,260
Prudential 5p		 24,465 22,736
430
Reckitt Benckiser Ord 10p		 - 28,578
820
Rio Tinto		 42,230 40,381
2,850
Sage Group		 - 20,075
78,891
Schroder Global Energy		 40,873 42,048
33,750
Schroder Global Cities		 27,486 32,565
594
Schwab (Charles) Corp		 30,525 -
50
Sherwin-Williams		 10,748 9,939
790
Smiths Group PLC		 13,422 12,186
1,400
Royal Dutch Shell Euro .07		 33,124 30,506
26,375
Templeton Emerging Mts IT		 40,512 39,615
7,970
Taylor Wimpey		 9,114 10,130
10,000
TR Property Investment Trust		 28,800 40,050
845
Twentyfour AM Investment Funds		 67,913 75,154
655
Unilever PLC		 27,451 26,223
2,110
Vanguard Funds PLC		 142,663 134,304
14,615
Vodafone Group		 10,878 17,655
133
Winton Ucits Funds		 18,956 -
780
Worldwide Healthcare Trust		 23,673 26,598
2,373,726 2,277,235

continued...

Page 11

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued expenses
9.
MOVEMENT IN FUNDS
At 1.8.22
£
Unrestricted funds
General fund
2,463,455
TOTAL FUNDS
2,463,455
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
51,756
(129,823)
TOTAL FUNDS
51,756
(129,823)
Comparatives for movement in funds
At 1.8.21
£
Unrestricted funds
General fund
2,586,863
TOTAL FUNDS
2,586,863
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
53,001
(67,938)
TOTAL FUNDS
53,001
(67,938)		 2023
£
2,884
Net
movement
in funds
£
(39,646)
(39,646)
Gains and
losses
£
38,421
38,421
Net
movement
in funds
£
(123,408)
(123,408)
Gains and
losses
£
(108,471)
(108,471)		 2022
£
2,773
At
31.7.23
£
2,423,809
2,423,809
Movement
in funds
£
(39,646)
(39,646)
At
31.7.22
£
2,463,455
2,463,455
Movement
in funds
£
(123,408)
(123,408)

continued...

Page 12

The Wakefield Trust

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2023.

Page 13